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obama. once again obama is pushing for higher taxes. don't take our word for it. listen to what he said last night just before the sboel. >> there is a way to solve the budget problems in a responsible way through a balanced approach that the vast majority of people agree with. if we do there is no reason we can't have strong growth in 2013. we can't b have washington dysfunction getting in the way. >> with all respect, free market capitalism is the best path to prosperi prosperity. more tax hikes will not hurt this economy. let's not push our luck. republicans will block it. we'll be right back. ♪ if loving you is wrong ♪ i don't wanna be right [ record scratch ] what?! it's not bad for you. it just tastes that way. [ female announcer ] honey nut cheerios cereal -- heart-healthy, whole grain oats. you can't go wrong loving it. >>> stock market correction today. i still believe rising profits and an easy fed will keep the bull market going -- at least until the president tax bombs us to death again. that's what obama said before the super bowl yesterday which could be the real reaso
, larry, and you can't tax an economy in the prosperity period. >> look, ideally you would say okay, we're going to freeze government spending at this level and that would mean over time it is going to fall as a percentage of the economy, but you can't ever get congress to do that, right? so it always ends up being something very harsh to get things done. and so this is the consequence that you have to face. at least in the short term. that you're going to have a short-term hit to gdp. but in the long run, the numbers are going to be better for the united states. >> most of that stuff is transfer payments. >> agreed. >> it will not even affect gdp. defense purchases do affect gdp. but to america since nobody ever wants to cut spending -- >> you got to cut somewhere. >> and i would do it right now. >> and it will only happen during bad times, larry. it will never happen during good times. we see that over and over again, when the economy is going gang busters, the government just chooses to spend more. it's in its nature. you have to do it when it's tough. >> lower spending means a stron
tax rates anyway by nearly 25%. what it triggered was falling inflation, falling interest rates and the strongest economic expansion in 30 years. [ male announcer ] i've seen incredible things. otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ no they don't. hey son. have fun tonight. ♪ ♪ back against the wall ♪ ain't nothin to me ♪ ain't nothin to me [ crowd murmurs ] hey! ♪ [ howls ] ♪ >>> global stock market still on a tear. did you know almost 20 world indexes traded at new multi year highs this year already? did you know japan, the hottest of the hot up 3.8% just today? cnbc's seema mody joins us. >> we have seen a revival in global equities. better than expected earnings. easy money from the fed and decent economic data brought fresh money to equitieequities. the s&p 500 and nasdaq trade at new highs. the ral d
delay in those spending cuts. and he calls for another tax increase. now it's up to republicans to respond. remember, spending cut sequester goes into effect in 24 days on march 1st. the sequester by the way was originally the president's idea. let's get right to what the president said. john harwood joins us thousanow all the details. >> as you know, there are two ways to go about deficit reduction under the sequester law passed in 2011. one is the full ten year sequester. that's $1.2 trillion in budget cuts over ten years. the other is to do it piece meal. if do you it just for the rest of of the year, it would just be $85 billion. president obama said if congress can't agree with the full pack annual by march 1st, we need to do something smaller in the name of staving off damage to the economy, to consumer, and to federal workers. here's the president. >> if congress can't act immediately on a bigger package, about they can't get a bigger package done by the time the sequester is scheduled fto go into effect, then i believe they should at least pass a smaller package of spend
tax revenues in order to help the deficit. we'll have a conversation with represent dave camp coming up later in the program. stay with us. m charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,000 deposit, tdd#: 1-800-345-2550 and get 6 months commission-free trades. tdd#: 1-800-345-2550 call 1-866-294-5411. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to new markets? hmm gotta admit that's better than a few "likes." i don't have the door code. who's that
. this business about raising taxes, it's not catching on. i just don't hear it from down there. >> the house republicans aren't feeling the president to raise taxes. it's a complicated argument to help, that's why it's really not catching fire. a lot of defense industry lobbyists are giving republicans heat, they don't feel heat from the constituents because the constituents they think want to see real spending cuts. americans want spending cuts, they don't want political gains. >> i really do. i think when you look at the poll, americans still want smaller government and fewer services, aka spending cuts. i think this is the white house's big mistake, they're barking up the wrong tree. the only question i have, it is after all republicans, will they hang tough? in your opinion, you're closer to it, will they hang tough? >> i spent all day on capitol hill talking to house republicans privately saying what's going to happen between now and march 1st? they say the house leader has promised them privately they're not going to replace the sequester unless there are real cuts to replace the seque
away from its all-time high and a taxing debate in washington. president obama once again says he's going to seek to get new revenue to help bring down the deficit and specifically, he's now calling out carried interest tax breaks again. we'll see where that goes. plus, the story that everyone is talking about this morning, the ravens holding on to beat the 49ers in the super bowl after the lights went out for 45 minutes at the superdome. we're going to try to keep the lights on. "squawk box" begins right now. ♪ if you like it then you should have put a ring on it ♪ ♪ if you like it then you should have put a ring on it ♪ >> good morning, everybody. i'm becky quick along with andrew ross sorkin. joe kernen is on vacation today so we're joined by steve liesman. we're happy to have him here. our top story this morning, the market. we have assembled a trio of wall street's most respected voices to join us for the next hour. we have a lot to talk about this morning. plus, there is that issue of the lights going out at the super dole last night. officials say an abnormality in
side path right now, i dare say if washington doesn't bomb us with a mega ton of taxes on investment we should be okay. nothing's ever perfect. and corrections are going to come and go. but all this, i see the stock market running up for a good while. now, let's get some advice on how to play it or disagree with it. go to our distinguished panel. ryan kelly, co-founder of shelter harbor capital. jim iuorio, director at tjm institutional services, and cnbc contributor jim pethokoukis. i want to go to b.k., brian kelly first. do you buy the rally continuing? how do you play this? what do you do right now? this is almost like a technical portfolio manager's question. >> yeah. i think probably the best thing you do right now is you take profits on a tremendous run that we've had since january 1st. if you want to actually still capture some of that up side, you can use options so you control your down side. i mean, if you just kind of look at any market, as you said, we're going to get some pullbacks here. what scares me is at bottoms everything looks awful and at tops everything looks fanta
currently have to pay 50% tax, yes, on their appearance and up to 10% of their worldwide earnings following a legal victory. other sporting events, including the dhampon's league final and the olympics have also had amnesty written into their contract. if you ever wonder why your favorite athlete may not be showing up to your favorite british competition, maybe now you have an answer. >> he raced here for the olympics and i don't think he's raced here in the previous three years. >> because look, it's not just a one off winnings related to that event, but all of a sudden your annual earnings are subject to this tax? >> it's an annual appearance fee. >> it's a pretty big incentive for athletes to say, you know what? not worth it. >> we're asking do you think it's fair for athletes to be given special tax breaks? is usain worth it? e-mail us, tweet us. >> is usain bolt worth it? >> do you want to go there? do you think it's -- do you think this event is worth it, by the way, to try to do the anniversary of the olympics to remind people and keep the positive buzz going? >> yeah. it draw tess c
and higher taxes with offset deficit increases long-term says the cbo. over and over again this report talks about those short-term budget decisions on the horizon including march 1st, the automatic spending reductions, sequester. what does congress and the white house do about the expiring continuing resolution in late march, funding for the operations of government and, divorce, the next round of the debt limit debate due to happen in may. tyler. >> hampton, thank you very much. now to john harwood at the white house. we will get specifics, i gather, on what the president wants from a short-term budget deal. any hints? >> we're not going to get specifics, at least that's the guidance i've gotten from the white house official, tyler. what the president is going to do, relates to the march 1 deadline hampton just mentioned, propose to put off that budget sequester, indiscriminate budget cuts affecting definite and nondefense programs for at least several months. that would require tens of billions of dollars. the overall sequester is a trillion dollars over 10 years. that means if you get ab
years like tax reform and titlement reform. discretionary titlement reform. and debt extension for maybe two years. first, the recession needs it stabilize there. but a clear road to fiscal, banking reforms and indication that europe is serious about improving competitiveness. third, resumption of growth in emerging economies led by china. finally, the fed successfully engineering a modest increase in interest rates without unleashing run away inflation. i know, tall orders. >> this is a tall order, bob. >> but this would create a huge boost of business confidence. capital expenditures and hiring would increase and revenues would rise. finally, sue, on a day when the dow passed 14,000, it is forth while noting that the last time the dow passed 14,000, valuations were much higher with the ratio for the s&p at that time was 22. about 14 right now. what does that mean? well, historic average for the s&p 500 is 15, it means the market was way overvalued, sue, in 2007. today it is somewhat underval i'd. steve pointed this out to me. i think it a very good point. tip of the hat to you, steve.
consumers taking a hit to take home pay to higher payroll taxes which is part of the fiscal cliff resolution. courtney reagan here on the retail beat. hi, courtney. welcome back from dallas. >> january an interesting month. it is promotional. make way for full price spring merchandise. but that means many goods sold are sold at rock bottom prices that replaces it. of the 18 drugstore retailers, thompson reuters has a gain of 5.8%, year over year. far surpassing expectations of 3.5%, thanks for a demand of winter apparel. the biggest perform group by far with comps up 11.4%. discount retailers turning in the lowest comps for the month. jc penney increasing by 11.7%. sales are driven by quote fresh fashion which would suggest nonclearance sales. but the retailer up guidance, only slightly. for specialty, 8% increase in comes doubles expectations and limiting more than double on wall street chain sales. despite the big comps, limited says it's comfortable with earnings consensus and gap remains just slightly ahead of wall street estimates. disappointing, shares are selling off. >> gap has had a
obama had to say about spending and taxes last night on cbs news before the super bowl. >> there is no doubt we need additional revenue. coupled with smart spending reductions in order to bring down our deficit. and we can do it in a gradual way. >> so what does smart spending cuts mean? judd gregg is co-chair of the fix the debt campaign. robert reich is from the university of california at berkeley and author of "beyond outrage." both are cnbc contributors and we thank you for joining us. good to see you both. senator gregg, what's a smart spending cut? what's that mean? >> i don't know. i think it's a washington speak word for probably no cuts. >> no cuts? >> that's the tradition in washington. they say if it's not a good cut, don't make the cut. the fact is there's going to have to be decisions made here. taxes were raised at the end of the year. and we know we can't get to the fiscal responsibility we need without our entitlement accounts. they'll vo to step up. >> do you think we will actually see spending cuts on the entitlements? >> what i think is going to happ
not that long ago. the companies as part of the tax reform, it didn't. that said i still think it's a decent entry point to get some of the 4.79% yield. i'd hope it goes to a better yield. keep in mind this is the big daddy of the mlps with $50 billion market capitalization. it will sell down big if another big one offers stock. it has the biggest opportunity of them right now. i believe that's bigger even than kinder morgan and more than energy transfer partners. even as etp yields 7.7%. trust me, i learned the hard way that can't make up for the price depreciation when they're as poorly run as etp was. my charitable trust sadly knows. stick with quality. it's obvious that the insiders are. who am i to say they're wrong? i hope you get a chance to buy it underneath the price of the deal. that will be a bargain. this weekend at the super bowl, everywhere i went people asked me in a low yield environment what represents the best yield right now with value? i pointedly said nothing, fixed income. you have to own master limited partners. i will tell you have it not stressed these on this show,
in the next few months we have a lot of head winds. as i mentioned the sequestration, the tax debates that are coming to the forefront so with volatility at historic lows, why not give it a try in terms of putting on cost protection as we've seen clients do because the fact is it is all time lows for the bang for the buck, risk for reward that you have. >> what else can you tell us about the snake, the year of the snake that may play into this argument? >> as far as i know it's a black water snake so it moves a lot so hopefully that means more volatility for us in the future. that's about as much as i can get as an astrologist. >> in terms of chinese new years other years, away from the snake, i mean, did they have any impact on the markets in the past? >> no. >> it's just a conflins of negative things. >> last year was the year of the dragon but obviously we've seen a lot of volatility in years like that. 2008, for example. look, the fact that we have this astrological sign but more importantly we have this lineup in options land with the vix and with the implied volatility levels. >
out, look, a lot of their improvement had to do with a much lower tax rate related to some of these charges. while there are positive signs in the business that in evestor do like, there's a lot of impact. different story at ubs. interesting to see people try and suck out what this company is reporting when it comes to this quarter. the market reaction was positive than negative. we're looking now down about 0.76% weighing on the swiss market. we had carolin roth since dow with the ceo of armani. if you want to talk about the commonalities between these two kms, it's the number of legal and restructuring issues occurring. ubs is trying to transfer from its investment banking to more of a wealth management model. margins in that business were weaker, weighing somewhat on investor prospects. but when it came to libor in particular, here is how the ceo responded to how they see their ability to put that issue behind them in 2013. >> i think that we made very good progress on addressing many of those issues during 2012. you are always going to have problems, but i think many of
are definitely looking down the road to immigrations, taxation issues. they will make a deal on the tax issue. heaven knows on the sequester. we may have the opposite happen. you may get more gummed up. we may get the wheels greased better. i know i'm an optimist on this issue. >> somebody has to be. >> you see eric cantor making that speech. they are finally coming around, scratching their heads, getting ready for 2016, thinking, how do we -- >> how do we get back. >> there is a big investigation at the oldest bank in europe. that's in etly. regulators for italian banks when this mess happen said mario draghi. even though there is no evidence he was involved in this, his name is getting dragged in. and in spain, calling on him to resign, a big reformist. so guys who are really important in europe are getting dragged into scandals. >> very quickly. >> don't forget, they are looking to berly scony. stand in one space long enough in italy and will prime minister will come back again and shake your hand. >> thank you very much. ty, over to you. >> thanks, folks. a big sign of confidence is when
washington, a grand bergan encompassing deficit reduction with tax reform, entime reform and deschristianry spending reforms in areas like debt. extension of the debt ceiling for two years. clarification on europe. first, the recession needs to stabilize, but beyond that, policy initiatives clearly indicate a road to political and fiscal and banking reforms and an indication that europe is serious about improving competitiveness. resumption of growth in emerging economies, like china, and finally the federal successfully engineering a modest increase in interest rates without unleashing runaway inflation. maria, these are tall orders, i know, but resolution of all these issues would be a huge boost to business confidence, capital expenditures and hiring would increase dramatically and revenues would rise, and that's what we need, maria. back to you. >> that's some list, bob. >> pretty ambitious. >> we'll be watching that. not everybody is buying into this bull market theory, by the way. pimco's bill gross is actually warning investors to be afraid, and i mean very afraid, of how inflation a
of taxes, i'm not that surprised to hear about buybacks down a bit in the month of january. let's move on. the big that's going to happen this year, draghi, ecb meeting. a lot of people calling for rate cuts to help out on the euro. this is part of the currency argument going on. lowering rates seems unlikely at this point. the fact that there's a big debate about it, is that the euro strength is causing problems in europe. higher valuations last week for home builders. some trading two times book value. that's a big problem for the building people right now, if you trade them, fundamentals are good. barclays downgraded four of the big home builders on exactly that. the valuations have become stretched. we were talking about this two weeks ago, folks. barclays said new home price increases are unsustainable. some of them reporting 17% increases in their prices in the last quarter. that's an excellent number. but existing home prices not moving nearly as much. i agree with that, those are unsustainably high numbers. expect them to be 4%, 5%, 6% this year. let's move on here. the new york s
gasoline. >> payroll taxes. >> i didn't here iger all that worried. a good quarter. >> put a little bracelet around your daughter, make sure you don't lose her. we lost ours. >> maybe that's more of a parenting thing. >> she was 5, of course. >> i find when you take your kids, a little parenting advice, you try to keep track of them. >> thanks for that. appreciate it. i'll keep that in mind for the next time. >> i'll keep that in mind for when i have children. >> all pro-dad. i always watch where they went. even with mr. toad's wild ride. >> i'm the best. >> i don't think it's there anymore. >> jungle cruise? tell me about it. >> it's the best. >> it is the greatest. >> shares of zynga up in the pre-market. revenues came in flat, but they did the forecast. seeing wider than expected loss for the current quarter. the analysts who still cover it, evercore raised it. >> this is a paddles clear. there's a pulse. i did feel -- >> really, come on. >> i remember when it was much bigger than electronic parts. $5 million company. zynga, at one point $2 billion. if it was really that good, th
as dire a possible a picture as budget sequesters in order to put pressure on republicans to accept tax increases as part after deal it avoid the he is quester. two economic officials from the obama administration saying it would result in 70,000 kids being thrown off of head start in a couple of thousand fewer food inspectiones. 373,000 fewer mental health patient treated. 540 million in smaller loan guarantee. 600,000 fewer women and children receiving food assistance. this is putting pressure on congress to act because many republicans expressed the idea they could let the budget sequester take effect. some democrats suggested that is not so terrible from their point of view too. white house is trying it make a counter argument. we will see over the next couple of weeks since tsequester is du to take effect. >> how effective is this, john? we have seen the white house before where they put out the worst case scenario where they try to force things along against republican answers in some cases it backfired. what do you think this time? >> it backfired at certain times. this is a mome
instability now? >> the question is, what's the truth? we'll see rajoy's tax documents come out later this week. there is clearly a problem here. we have one senior member of the party and the significant investigation. if rajoy is removed, what is the alternative? would we go into a general election and would that alter the economic positions that spain finds itself in? some will argue it would because they don't -- take it on board, introduce the external controls and if you like wrap up the situation. so there's a bull argument within the bear argument. >> where do you fall on that spectrum? >> i think it's going to be business as usual from a political point of view. >> and do you like your investments here? >> yes, i do. >> at what point do you start to take profit? >> i think the credit markets are telling you that. i think it's beginning to say a run for the spanish bull market which could go further, but it's not the same in the last three or four months. >> there's a ten year, 5.31%. are you sticking with it until it goes below five? >> technically, if you hold rates where th
for the month, despite all those worries about the payroll tax. who won? who lost in the cramer knows. >>> former treasury secretary bob ruben in a rare interview on squawk this morning has words about too big to fail, the sequester and how he missed the crisis at citi. >>> is it time to say good-bye to the u.s. airways brands? a deal looks close for amr's american to take it over, become the number one brand. does consolidation mean airlines just got more attractive. >>> we start off with the retailers, january report card, macy's posting an 11.7% jump in same-store saturday and raising guidance. stellar results from some of the retailers. >> such a mixed picture. some guys -- kohl's, people decided their clearance is moving the stock up nicely. gap strong happens moved. consistently great job. people talking about urban outfitters doing a great job, doesn't seem like the stocks right now are moving the way you would think they would. i don't know how many people are counting on this particular month -- >> a short month, bleedover from the holidays. the rate of beats, 59% is the stro
is turning to for advice on everything from the deficit to taxes to the broader economy. >>> then, after we talk to them, they're going to paint a picture for us, we're going to turn to two powerful investors for insight into what the conversation in washington means for the broader markets. cowen and company ceo jeff solomon will join us, and the bond king, bill gross. first, steve will bring us up to speed on the morning's top stories. steve? >> thank you, michelle. disney posting better than expected earnings and revenues after the bell. the company says it expects the next few quarters to be better on a stronger lineup of films and growing attendance at its theme parks. ceo bob iegory was on cnbc's "closing bell." >> you had a lot of ins and outs. basically, the trendser good. we had strong results at our domestic parks. the bookings have been pretty solid. advertising was okay. and generally speaking, our business performed well. and our interactive media group was profitable for the quarter. that's the first time the group has been profitable since we've been breaking it out. >> share
. get a little pullback and ought to buy that. looking at the biggest tax hike we've seen since 1937 and gasoline prices at the highest level this time of year ever. we've got a lot of issues and everybody on this program keeps saying that spain is getting better. it is not getting better. every -- every metric you can look at in spain is getting worse, whether it's unemployment, whether it's retail sales, whether it's gdp, so this year we're going to see disruptions and a lot of volatility. i am bullish, but market is way too complacent, and we could see bigger air pockets than we're expecting. >> i couldn't agree more with that. i think the headline risk is going to come back into the market, and that is what's going -- that's the biggest danger to this rally which is definitely tone. >> so what do you think -- >> maria, the other thing, you could -- and the other thing missing is growth. can you talk about apple transitioning from a growth story to a value story, and that's all fine and good. most of the arguments for stocks right now are about valuations, book values, dividends,
these with more targeted cuts and tax hikes support goes up only 3 points. opposition goes up 12 points. larry, i think what's happening here is most americans realize that this is not the huge issue that some in washington are making it out to be. 58% know no spending cuts just really a reduction in growth. >> well, i think that's right, actually. they're pretty smart. scott, i know you polled on the size of government and spending for a long time. but just going through your web site today, 68%, 68% believe cutting spending is the best way to help the economy. now, that runs so counter to what both democrats and republicans in washington say. i'm the only guy that argues that. i learned it from milton freedman. lower spending, limit government, you'll help the economy. you're saying two-thirds of the public understands that. >> that's right. and this is something that whether it was in the clinton years or bush years or now the obama years, our polling consistently find people think if you cut government spending it's good for the economy. they haven't had anybody in washington articulating tha
the government to keep borrowing money at least through may 19th. the measure postpones spending and tax cuts for at tleeft two months. the obama administration's decision on the keystone oil pipeline won't be made until at least june. that's according to a u.s. officials. the projects has been pending for more than 4 1/2 years. of course, we've had lots of debate about the pipeline even here around this table. >> let's check on the markets this morning. the futures are probably going to be what steady as we go. we'll see what happens at 8:30. but not bad so far. that would be getting back almost exactly what we lost yesterday. we lost about 49 points. and there's a lot of -- it was a great january, but then got that gdp number. we're warning, does it necessarily mean that the market has been wrong about the economy? or was it the one off and was it, you know, some special factors that caused that shrinkage and does it get revised back up and subsequent reports? i've heard a lot of places. this is the best negative gdp report. >> well, if you're going to have to pick a negative one, this woul
" has an article today about how the rise in payroll taxes in particular hitting those on lower incomes. one of your rivals, one of your colleagues, if you like, over at citi, he's actually suggesting that the same-store sales could be challenging moving forward. he's highlighting that he thinks burger king, for example, could be running 200, 300 basis points below the estimate in december flat sales. how bad could it get here? how dangerous is this sector? because of what is happening to low-income americans? >> it's a really good question. obviously this is just unfolding. but we have picked up, you know, very choppy and negative data in the latter part of january as consumers were trying to figure out kind of what was left in their pockets, or their bank account at the end of the month, and the end of the pay cycle. i think we did see a step down, and we've picked that up from operators, industry data. that's really the first impact, obviously, that we saw this year. there's also some changes in e-filing and some weather clearly, as you guys are looking at realtime, that always has a
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and o's. oh, ho ho... it's the honey sweetness. i...i mean, you...love. ...tax time can ofbe...well...taxing. so right now we'll give you... ...$10 off any turbo tax deluxe level software or higher! find thousands of big deals now... ...at officemax. sic: "make someone happy" music: "make someone happy" ♪it's so important to make someone happy.♪ ♪it's so important to make someone happy.♪ ♪make just one someone happy ♪and you will be happy too. >>> people always want help when the market sells off. they want me to tell them what to do to validate their fear, stocks get hammered, investors freak out. they panic. or at the very least they seem to want to panic. they want to be this guy. many don't know what's going wrong. few can easily handle the trauma of big losses. and almost everybody wants some expert to help them figure out the next move. i don't blame them. but you know in all my 31 years in the business, i can't recall a single time where somebody came up to me and asked, jim, the market's rallying like crazy. what the heck do i do? that is unfortunate. because just as you
on the private sector. every day the president threatens to raise a tax or another. as long as the threat of new taxes, huge regulations from the epa hang over the private sector, we're not going to get the growth we need. >> you know one of the biggest drags on fourth quarter gdp that report showed was the reining in of defense spending as we got out of afghanistan and retracted some troops. that is what was a huge contributor to that decline in growth in the fourth quarter. now are we doing this all over again with the sequestration here? >> sequestration is already effecting government expenditures as agencies try to guess what position they'll be in. of course they're being conservative. the deficit problem is the problem for later in this decade. the jobs problem is the problem today. and this talk of a contracti contractionary fiscal position. it is hurting the economy. >> he wantive harris? >> in the end, we've got to get our deficit under control while we grow the private sector economy. we can't do it through new taxation. you can't tax your way out of this mess. that's the problem. the
. >> and the president is pushing congress to come up with new tax revenues and short-term spending cuts to avoid the massive cuts that will otherwise kick in automatically on march 1. how ways and means chairman david camp is here to respond. >> looking forward to his comments. has a lot to say. here's where we stand right now. the dow, a mirror image of yesterday. a selloff in the open yesterday in the morning and then it went sideways, and today we've done that the opposite. a rally on the open this morning, now up 123 points and just off the highs at 14,004.08. this would be the third could be sective 100-point move for the dow, and the we're only three days into the month of february. the nasdaq is up 45 points wiping out yesterday's losses. now at 3176. that is the high of the session right there, and the s&p 500 index is showing a gain of about 17, now 18.25 points, just off its high at 1315. in today's closing bell exchange, we're joined by todd schoenberger, marky willman from jmp securities and linds freftn financial and our own rick santelli. todd, you've got to be loving this real rig
're probably going to be able to withstand this tax hike on the payroll side better than we thought. and people should start revising their numbers higher. >> in the last few days we wouldn't know whether we would reverse this winning streak or not. does this set us up for 1515, 1530, what? think it does. i think the only problem, carl, a start as quickly as we have so far this year, everybody's looking for that catalyst to pull back. we didn't get it today. as we head into next week, we sort of fall into that post-earnings quiet period. there's not a lot of economic data. so unfortunately our next focus will be down the road a little bit to washington, d.c. they could start the whole theater of, could we get something resolved on the sequestration and move forward there. yeah, i think this is great news. i certainly think the estimates for the u.s. economy will start probably working higher with the four months in a row of an average of creating 200,000 jobs. you know, the only problem here is that, for all those folks that sold out of equities at the end of last year because they were afraid
, cruise ship tax are red hot. tuesday brings us to the avon lady in the morning. direct selling has been under a lot of attack, as we know from he he herbalife. is andrew young still playing a role? hope not. mcgraw-hill also reports tuesday. well, well, well, talk about an earnings side show, let's listen to see how the analysts try to pry some news about the justice department's investigation of s&p's ratings of mortgage-backed bonds, as if anyone actually cares about the earnings. we get results from michael coors, too. we're thinking of developing a great gatsby index. we heard from ralph lauren that things are smoking in this category, not just good but great. can kors deliver? i bet this high end company will be right up there. i took my daughter there earlier this year. after the close we heard from buffalo wild wings. did the super bowl's extra time thanks to the power outage make this the best super bowl ever for buffalo wild wings? we heard from dominos. we need to know. they got a whole commercial about how overtime games make them more money. wing prices down, gross margins u
costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. >>> let's get the road map for the next hour. europe taking the wind out of the rally. sending the benchmark index around 100 points this morning. we'll find out if this is a temporary setback or overzealousness catching up with investors. >>> google surging to an all new high friday. one analyst said you should not be searching for much more in the shares. >>> the ceo of buffalo wild wings joins us. did the super bowl blackout keep people eating chicken wings longer in her restaurants. >>> the industrial average down by about 85 points. s&p giving up about 7.5. certainly taking its lead from the european markets, which are down more than a percent across the board. concerned about possible corruption in spain. we saw t
minister's former party treasurer louis bothneth facing allegations of tax evasion linked to a 22 million swiss. it's unleashed a political storm involving rajoy who received 25,000 euros from stash funds. the passion party calling for his resignation. more than 900,000 spaniards have signed an online petition to oust the premier. joining us now is country director at change.org which is running that petition. thank you very much, indeed, for joining us. i mean, how many people are signing on a day? >> this petition has become the fastest growing petition ever. more than 3-00,000 people signed -- 3-00,000 people signed in 12th hour. today it has more than 900,000 signatures. >> what's the history of you actually -- your petitionings actually leading to the outcomes that they are petitioning for? >> we have seen a lot of petitions asking for letters of resignations of public people in spain. we can recall the petition with more than 100,000 signatures asking for the resignation of the president of the supreme court in spain. after the position he resigned. >> right. there are those obvious
well from refining. what stands out to you? >> actually, it's a tax. the headline number was a decent beat, 20% up on consensus. but the underlying business, the upstream was about in line. the refining and marketing with about 3% better than we had expected. but it just so happened, at the end of the year, taxes seemed to go bp's way. instead of a tax rate of around 336% to 38%, they were paying about 16% and that actually is nearly all the difference. so that is not something which unfortunately we would expect something to happen on a quarterly basis. so take the money now. it's good news, but not something that you build into 2013. >> so why is the stock up to 32%? clearly that's not an operational thing. >> you're getting a little bit of melt yumm coming back in the gulf of mexico. overall volumes were down 7% year on year. if you take out the divestment, take out psas, they were down less than 1%. if you look at the u.s. liquids production, which is a real guide because it's seasonal, that was up around 45,000 barrels a day. so you've had two big fields which started at the end
% growth. would i have said had we not had any contractionary moves, the ending of the payroll tax cut and also the sequester, whatever cut we see coming out of there, i would have said probably close to 3% because of the kick up in the housing market. clearly there's a rebound there that's very, very good news. when you factor in the drag we'll get at the end of the tax cut and we don't know exactly what we'll see in sequester-related cuts, that will approximate some off gdp growth, so maybe 2 or upped. not a good story. >> it's a question of balance. >> if that's the case, and would i like to know whether you agree with that, ken, the question is this market priced for perfection, and are we poised for a decline given the fact that the economy won't keep up with expectations? >> i think the risks are balanced. weak growth, moderate growth, and i agree 2%, though maybe towards the end of the year it will be looking better, but, you know, i don't think we're like really likely to swing in recession neglecting the q4 gdp number. growth could turn out to be better. i think it's balanced
on to that the fact that payroll taxes went up and the economy is going to be pretty sluggish here in the first half of the year. so i agree with phil that we're probably going to give back a little bit of this rally that we've enjoyed. maybe about half of it sounds right to me. >> are we underestimating the impact of the sequester on the markets? it's not that far away. >> yeah, i think we are. we have a poll that says market insiders, hedge fund managers see a 5% drop on the dow. that's 86 billion that hits. hits a lot of furloughs across the government, transportation, security officials at airports not being on the job. we've got 1% economic growth, you add $86 billion in spending cuts on top of that, it will be pain across the board. the question is, do people freak out to come to a deal? >> i think i got an early version of morning money this morning and you let with that story. the disconnect, though, that i can't get is are hedge funds hoeding tight? meaning have they come out of the markets in the last couple of weeks as the run happens? is that what the suggestion was? >> that sort of sugg
about the new higher taxes for the wealthy. both parties have gotten out of touch. the housing cycle, retail. speak positively about the state of the american consumer. despite head winds from washington. asia, not china, but asia is good, the section of the economy s oil and gas. the renaissance in production f we can harness the fuel of the future, natural gas. they are all waiting and watching, they don't want to switch, the lng, they know the epa hates, because it will not succeed. natural gas to blend with diesel, save money. they know the complexity engine is great, the need for the infrastructure. they are jealous how well waste management is doing with the fuel it is a 2016 proposition for them. it the -- the energy situation is tempered by one thing, the white house, so many of the key stone pipeline, there is the president's true colors, there shows there may be no fossil future blessing for everything. i don't want to detract from the optimism all over the place. the hope that is republican party starts talking business. then there is a chance, they don't feel post-fiscal
, they bring it home, thee incur some tax liability. cash on your balance sheet is freedom. it's freedom from bankers. >> we're going to slip in a quick break. bob, you're going to be with us for the rest of the hour. and i'm going to send it back to pebble beach and the one and only becky quick. >> when we come back, we're talking about putting money to work behind the next big thing. since we're here on the west coast, we figured we had to technology technology. we're going to talk to an investor in siri intelligent and ask him if he thinks aapple has a cash problem. plus, a live report on the weather in the northeast as they phase for blizzard conditions. i'm glad we got cdw and cisco to design our data center. yeah, the cisco ucsc series server, with the intel xeon processors, help us scale smoothly, like a perfect golf swing. how was it before? clunky and full of unnecessary impediments. like charles' swing. i heard that. >>> welcome back to squawk this morning. hewlett packard reportedly placing limits on the employment of students and factory workers f cross china. is says the move ref
plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. >>> it is time for the power rundown. jane wells and brian shactman are our partners today. rumors swirling yesterday that hewlett-packard's board is deciding whether to break up the company. jane, you get first whack at this one. >> you know, i am a turn-around expert. here is my strategy. to extract the most value, meg whitman should do what she does best. not sell parts off. auction them off on ebay with buy it now option that would totally goose the stock price. >> how about you brian. >> nobody seems to want it invest in hardware companies anyway. if they can unlock value and move on from business that seems to be, i dent want it say dying, but waning, it is probably not a bad idea. >> i think this is driven by investment bankers. they d
they need to do in terms of our fiscal solution, cleaning out the tax code, immigration reform. maybe we'll have some progress on that, so they kind of feel like they are the only game in up to, but at some point i think the risks are much more substantial than any potential benefit. we passed that point a long time ago. this was certainly justified in 2008 and 2009. but since then, you know, it is, it's pushing on a string, and ironically i've been saying this and john taylor had a real good op-ed in the "wall street journal" last week. if you want more lending, you know, banks can't get enough of a return on making a loan these days given the other risks that are involved, and if you look at community banks that -- that's their model. they take deposits and make loans. they are being killed. some will take their cheap money and put it in securities or do refis or investment banking. they are doing okay in this environment, but those whose bread and butter are making lending are getting hurt by this. this is hurting lending. it's not helping. >> sheila, always nice to have you on the pr
. the company expects to get hit with a higher tax rate. and the underlying earnings. food stock for little risk, historically, not too shabby. meanwhile, mccormick is an innovative company, 25 new products launched last month. stock isn't cheap, selling for 19.7 times 2013 earnings. it's never been cheap, ever that i can recall. after the latest pullback, it's probably as cheap as you're going to get it. and that's what makes it a buy. here's the bottom line, all right. mccormick is a terrific company that dominates the spice business with a stock that has a fabulous track record of moving slowly but steadily higher. and when mccormick sells off after earnings like it did two weeks ago, that's a fabulous buying opportunity for the sp e spice -- the stock tends to spring back like clockwork. and you don't want to wait for the earnings news. it's best to get these spices not when they are posh -- but when they are scary to reference two of my favorite spice girls, not that i have any unfavorites. which is a lot easier than working in parsley, sage, rosemary, and thyme. let's go to maryland. >> c
, because after inflation and taxes, 30-year money is earning nothing. it's been a huge mistake, and once interestes start to rise. >> right. >> where are the buyers going to be? >> but, david, is it really about the interest rates right now, or is it, i agree with you that there's a bubble definitely, but i think it's driven by the investors getting in there, the hedge funds, the private equity pouring millions and billions of dollars into distressed properties. that's what's pushing prices up in the double digits in phoenix and las vegas that's creating these bubbles that i agree are unsustainable. if private equity agrees to pull out suddenly, and i'm not sure they will, because they want to get that rental demand, but if they pull out, isn't that the problem and not so much the mortgage rates? >> two points. one is they are riding into scottsdale, arizona, not on the back of a john deere lawn mower, but they are riding in essentially on a hoover vacuum cleaner sucking up all the inventory and driving prices up and hoping to attract the doctors, dentists and chinese so they can get out
motivation about the proposed 57% tax. >>> and we're just about two days away from one of the biggest sporting events in america. the super bowl. the baltimore ravens and the san francisco 49ers are battling it out. there will be plenty of auction off the field. brian shactman has been taking a look at the business of advertising ahead of the big game. >> everyone has their choice for what they consider a classic super bowl ad. whether you like contact, any use of the force, as well as inanment objects knowing how to get down. >> it's that kind of party. hit it. >> the super bowl is one part football, one part tailgate and one part cultural super bowl phenomenon dating back 30 years. >> when we all saw that 1984 xlushl for apple, i think that's when we really all started to loot a commercials in a different light for the super bowl. >> fast forward to 2013 and the ads are scrutinized as much as the game and the cost is enormous. mercedes benz made an eight-figure commitment and brought in super model kate upton to launch an entirely new line of cars. >> it's hard to believe there coul
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